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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>Hong Kong Distressed Sellers Flood Market With Assets at Fire Sale Prices<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-29
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

Mansions in Hong Kong\u2019s luxury Peak district selling at 50% discounts. A warehouse overflowing with equipment seized from shuttered businesses. A longstanding gym chain collapsing, triggering claims of more than HK$166 million ($21 million).A funding squeeze is putting Hong Kong businesses and individuals under strain in a way not seen for decades, according to people who deal with troubled companies.\u201cThere are more distressed assets in the market than I have seen in the past 30 years,\u201d said , Deloitte global insolvency leader and China vice chair in Hong Kong, who deals primarily with large firms.The cash crunch underscores the growing challenges facing Asia\u2019s top finance hub as China\u2019s  deepens. While there are few signs of stress spreading to the banking system and recent stimulus measures from Beijing may provide some relief, businesses face a triple threat of falling demand, elevated borrowing costs and a complex geopolitical situation due to US-China tensions that\u2019s put strain on the city\u2019s long-held position as the country\u2019s gateway. China\u2019s economic slowdown is undercutting demand for everything from  to dining in a sharp reversal from the boom years. Historically high interest rates and falling property prices are prompting sellers to offer larger discounts, leading to a downward spiral. Weak consumer spending is  at retail businesses, leading to the closure of outlets and further undermining public confidence.According to Lai, distress is rippling across industries ranging from real estate to trading and forcing more large companies into restructuring.He predicts more firms will need to restructure, particularly conglomerates. \u201cIt\u2019s like a chain reaction,\u201d Lai said in his office in the Central financial district. Corporate failures are rising. In the first eight months of this year, 305 companies were ordered to be wound up by a court, on track to surpass last year\u2019s 354 \u2014 which was the highest since 2010, according to . Some 51 companies alone were declared bankrupt in August, the most in more than a year.Unlike in the U.S., Australia and rival Singapore, businesses in Hong Kong don\u2019t have recourse to corporate rescue procedures when in difficulties, such as Chapter 11. The real estate industry is under particular pressure as a bubble in residential and commercial property deflates. Home prices are near an , while plunging rental income has reduced the value of office buildings. Those who need to sell are  to accept hefty discounts.The family of local real estate investor Ho Shung Pun sold four mansions on the Peak in July for HK$1.1 billion, about  at their high, after they were pledged as collateral for a loan. Another luxury house in prestigious Jardine\u2019s Lookout was  for HK$360 million, or 60% of the estimate. In April, a local businessman sold an office floor in Bank of America Tower in Central at a HK$4 million loss to repay a loan.About 75% of high-end property transactions \u2014 those worth more than $10 million each \u2014 in the first half of the year involved financially stressed sellers, according to data from CBRE Group Inc.Pressure is increasing on property developers, which are controlled by some of the city\u2019s richest families. Last week, , chief executive officer of New World Development Co., resigned in a  after the company posted its first annual net loss \u2013 the equivalent of $2.5 billion \u2014 in 20 years. Before stepping down Cheng was the third generation leader of one of Asia\u2019s  great business dynasties.There is some optimism that the start of US monetary easing will help the housing market bottom out and alleviate pressure on indebted businesses. The city\u2019s  moves in tandem with the US to preserve the local dollar\u2019s peg with the US currency.\u201cIf we look back at the previous rate-cut cycles, lowering of rates are generally positive catalysts for housing prices,\u201d said , an economist at OCBC Bank (Hong Kong) Ltd. Yet evidence suggests it will take a while for confidence to return to the market, especially given demand remains muted. Sales of homes in the city\u2019s 10 largest housing estates fell to the  in two months the weekend after Hong Kong cut borrowing costs. Developers are also continuing to cut prices amid a 20-year backlog of unsold properties. Despite the reduction in interest rates, Sun Hung Kai Properties Ltd., the city\u2019s biggest real estate company,  a new development in Kowloon\u2019s Kai Tak area at 20% below nearby new estates.The Fed\u2019s move won\u2019t \u201cnecessarily mean a turning point for Hong Kong property and the economy as high interest rates are not the only factor dragging on the economy,\u201d said , senior EM strategist at Credit Agricole CIB. \u201cLoan demand is not very strong in Hong Kong as economic activity is still subdued.\u201dThe pain is evident among the city\u2019s small and medium enterprise owners, which  about 45% of the private sector workforce. More than three-quarters of SMEs have failed to recover to pre-pandemic levels, with more than a third of those expecting business to worsen this year, according to a survey conducted in July by the Hong Kong Chamber of Commerce.Underscoring the challenge for businesses, retail sales  12% in July from a year earlier.\u201cThe problem we are facing right now is that we have no customers,\u201d said Pamela Mak, president of the Hong Kong Small and Medium Enterprises Association.Angus Chang has seen this shift up close as deputy general manager of Ka Vo Food International, a family-owned confectionery business based in Hong Kong. The company, founded by his father in 1988, was one of the first to bring California-grown raisins and almonds to China as the country opened up. When China transformed into a production and export hub, Ka Vo Food began making cookies and sweets in Zhuhai in neighboring Guangdong province to sell in Hong Kong and overseas.Business was good. Even during the pandemic, one of their three shops in Hong Kong could pull in as much as HK$3 million a month. Now it makes half that amount. Chang has since closed one store, laid off employees and shortened operating hours. Today, the company is back to only 60% of pre-Covid activity and profit. Hong Kong\u2019s \u201ceconomy is totally different before the pandemic and after the pandemic,\u201d Chang said, citing local and geopolitical challenges. \u201cThe structure of the economy is based on property and stocks, so when those markets still are so weak, you cannot grow. No one likes to buy things or spend money. It\u2019s painful.\u201dEmpty shops are an increasing sight. The vacancy rate of high-street stores rose to about 12% in the third quarter, the highest since early 2021, according to Midland IC&I. In Tsim Sha Tsui, an  by luxury brands targeting mainland Chinese tourists, about 15% of shops are vacant, up 3 percentage points from six months ago, it said.Some business owners are throwing in the towel. Physical Fitness, a gym chain with 14 branches, shut down earlier this month after operating for almost four decades. The sudden closure came after the government demanded the firm settle outstanding pension payments to workers. Claims by clients have since  HK$166 million, according to the city\u2019s Consumer Council. Restaurants are enduring difficult times, with  last quarter below 2018 levels. In August, American restaurant chain Outback Steakhouse  nine of its 19 branches.Mr Au has a clear view of how some companies are doing. He runs a shop in the city\u2019s gritty Sham Shui Po district selling items seized by liquidators and sold at government auctions as part of his business at .\u201cThis year is the worst I have seen in my some 40 years in the industry,\u201d Au said. \u201cOne cannot lie when the book is in front of you.\u201d Almost one restaurant closes down every day, he said, adding that his storage warehouse is running out of space. Reselling to potential new business owners is getting harder, compressing his margin, Au said.The government has taken action to help the city\u2019s businesses. Last month it set up a joint  with the banking sector to help SMEs under pressure to repay loans. Hong Kong\u2019s biggest lender HSBC Holdings Plc is  HK$5 billion worth of pre-approved credit limits to aid smaller businesses. To stimulate the city\u2019s nightlife, officials are also planning to lower the tax on liquor, Bloomberg News . Hong Kong\u2019s stock market is enjoying a rare , triggered by China\u2019s stimulus package last week. The Hang Seng Index has climbed to its highest level since April 2023, after falling for each of the past four years.With the outlook remaining uncertain, Deloitte\u2019s Lai is advising companies to limit spending and avoid risky bets. Some of his clients don\u2019t expect the economy to regain its footing for another 15 years, he said.Strained ties between Washington and Beijing will likely continue to weigh on the city, according to Lai.  A US bill to close Hong Kong\u2019s three Economic and Trade Offices in the country was  this month by the House of Representatives.Asked when Hong Kong could return to pre-pandemic levels, Lai sighs. \u201cI don\u2019t know,\u201d he replied.<\/pre>\n
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